Northern Trust Corp cut its position in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 0.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,814 shares of the semiconductor producer’s stock after selling 613 shares during the quarter. Northern Trust Corp owned 0.55% of Silicon Motion Technology Corporation worth $9,348,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Seven Eight Capital LP acquired a new stake in shares of Silicon Motion Technology Corporation in the second quarter valued at $135,000. Hikari Power Ltd acquired a new stake in shares of Silicon Motion Technology Corporation in the second quarter valued at $204,000. Summit Securities Group LLC acquired a new stake in shares of Silicon Motion Technology Corporation in the second quarter valued at $204,000. Airain ltd acquired a new stake in shares of Silicon Motion Technology Corporation in the second quarter valued at $213,000. Finally, High Pointe Capital Management LLC acquired a new stake in shares of Silicon Motion Technology Corporation in the second quarter valued at $233,000. 79.36% of the stock is owned by institutional investors and hedge funds.

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Silicon Motion Technology Corporation (NASDAQ SIMO) opened at $48.36 on Wednesday. The stock has a market capitalization of $1,712.35, a price-to-earnings ratio of 18.43 and a beta of 0.64. Silicon Motion Technology Corporation has a fifty-two week low of $37.37 and a fifty-two week high of $55.68.

Silicon Motion Technology Corporation (NASDAQ:SIMO) last released its earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.01. The firm had revenue of $127.20 million during the quarter, compared to analyst estimates of $127.24 million. Silicon Motion Technology Corporation had a return on equity of 19.58% and a net margin of 17.18%. Silicon Motion Technology Corporation’s revenue was down 19.8% compared to the same quarter last year. During the same period last year, the business posted $1.07 earnings per share. analysts expect that Silicon Motion Technology Corporation will post 2.46 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, November 9th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.48%. This is an increase from Silicon Motion Technology Corporation’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, November 8th. Silicon Motion Technology Corporation’s payout ratio is 23.23%.

Silicon Motion Technology Corporation announced that its Board of Directors has initiated a share buyback program on Monday, July 31st that allows the company to buyback $200.00 million in shares. This buyback authorization allows the semiconductor producer to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of equities research analysts have recently weighed in on the company. B. Riley reaffirmed a “buy” rating and issued a $68.75 price objective on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Roth Capital dropped their price objective on Silicon Motion Technology Corporation from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, August 1st. Lake Street Capital reaffirmed a “buy” rating and issued a $50.00 price objective (down from $56.00) on shares of Silicon Motion Technology Corporation in a research note on Tuesday, August 8th. Craig Hallum reaffirmed a “buy” rating and issued a $60.00 price objective (down from $67.00) on shares of Silicon Motion Technology Corporation in a research note on Wednesday, August 2nd. Finally, Northland Securities reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Silicon Motion Technology Corporation in a research note on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $57.67.

Silicon Motion Technology Corporation Company Profile

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

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Institutional Ownership by Quarter for Silicon Motion Technology Corporation (NASDAQ:SIMO)

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